Real Madrid have topped the league table of the world’s 20 richest football clubs for the 11th year in a row, according to Deloitte.
Its Football Money League, based on season 2014-15, also said the combined revenues of the 20 clubs had risen 8% to €6.6bn (£5.1bn), a new record.
Real’s arch-rivals Barcelona rose two places to second on the list, pushing Manchester United down to third.
Paris Saint-Germain and Bayern Munich completed the top five.
Manchester City, Arsenal, Chelsea and Liverpool occupied places six to nine, all of them notching up healthy increases in revenues.
Tottenham were in 12th spot, with Newcastle United and Everton at 17th and 18th.
Meanwhile, West Ham was a new entrant at number 20, making the top 20 for the first time since 2005-06.